Project for Mutún steel plant will cost $500mn

The project for the construction of a Steel Plant in the Mutún will cost $500 million, financed 85% by the Export and Import Bank of China (Eximbank) and 15% of the General Treasury of the Nation (TGN). The Chinese company Sinosteel executes the project that consists of five stages: design, construction, assembly, commissioning and operation of the steel plant. Financers deposited more than $115 million, 22% of the total cost, but there is non-conformity with the advance. The deadline for completion of the works is 42 months. The project will generate at least 1,500 direct and 3,000 indirect jobs, while projected revenue from the sale of construction steel would amount to $70 million annually.

Source: Los Tiempos